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20 Cards in this Set
- Front
- Back
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An entity that lends you money |
Creditor |
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A one time loan extended to someone who buys property |
Closed-end credit |
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A record of your complete credit history |
Credit report |
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A time period during which no finance charges will be added to your account |
Grace period |
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Measure of a person's ability and willingness to make credit payments on time |
Credit rating |
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A borrower who pays off their credit balance in full each month |
Convenience user |
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Total dollar amount you pay to use credit |
Finance charge |
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A loan with certain limit on amount you can borrow for goods and services |
Open-end credit |
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Use of credit for personal means |
Consumer credit |
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Maximum amount of money a creditor will allow a credit user to borrow |
Line of credit |
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Bankruptcy is a last resort for dealing with credit problems |
True |
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A credit card is an example of closed-end credit |
False |
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A gasoline company is a good place to obtain your 1st credit card |
True |
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Creditors use 5'cs tipi determine who will receive credit |
True |
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Consumer finance companies generally are a source for inexpensive loans |
False |
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Generally info is left in a credit file for 5 years |
False |
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Net income includes take home pay gifts and interests |
True |
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Simple interest is interest computed on principle and the previous interest earned |
False |
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If credit is denied you have don't have the right to ask a credit bearue to investigate inaccurate or incomplete information |
False |
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Current law allows anyone using credit to obtain a free credit report per year |
True |
